Oil approaches $116 amid fears of regional war

Brent crude futures climbed 1.73% to $115.85 a barrel on Wednesday, while US West Texas Intermediate fell $1.74, or 1.74%, to $101.64 by 11:36 am PST, Mettis Global reported. The conflicting moves came as tensions in the Middle East raised concern about possible interruptions to crude supplies.

The Houthi group said it had attacked Saudi Arabia’s Ras Tanura refinery, while US President Donald Trump said any end to the Iran conflict must prevent Tehran from obtaining nuclear weapons. Uncertainty also grew after preliminary Israeli election results showed neither main bloc had the 61 parliamentary seats required for a majority, potentially prolonging coalition talks. The developments have kept supply risks and the conflict’s possible spread in focus for oil markets.